Iris Energy has stopped powering mining machines with over $100 million in loan collateral

According to Foresight News, The Block reported that Bitcoin mining company Iris Energy has stopped powering mining machines with more than $100 million in loan collateral, freeing up about 90 MW of power capacity, which it plans to use to explore other opportunities involving an additional 7.5 EH/s of contract mining machines for self-mining Bitcoin.

Foresight News previously reported that on November 8, Iris Energy said it had received a default notice for $103 million in outstanding debt, mainly because the production capacity of the two funded Bitcoin mining companies operated by Iris Energy could not provide sufficient income for the miners.